China-based ZTE says a US sales ban on its products is “unacceptable” and pledges to take legal steps, if necessary, to protect the company’s interests as well as that of its stakeholders and customers.
In a recent statement, the firm said it had invested significant efforts to ensure its practices and processes were in compliance with export laws. Pointing to lessons learned from past experience, ZTE said it had established a compliance committee led by its CEO, developed a global team of experts in export control compliance, and sought professional advice from counsels and consultants.
The export ban came after ZTE allegedly violated an earlier settlement over the sale of telecommunications equipment to North Korea and Iran, by making false statements and paying bonuses to employees involved in the incident whom it promised to reprimand.